Western Securities Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Interest and Dividend Income	3,903	3,221	3,060	2,769	2,929	2,370
Total Interest Expense	1,030	1,133	1,288	1,218	821.38	565.8
Net Interest Income	2,872	2,088	1,772	1,551	2,107	1,804
Gain on Sale of Investments (Rev)	-76.64	292.33	271.59	-741.63	168.5	211.4
Other Revenue	3,783	4,308	4,817	4,470	4,461	3,126
Revenue Before Loan Losses	6,579	6,688	6,861	5,280	6,737	5,142
Provision for Loan Losses	-0.15	-0.15	-1.19	-4.41	-1.92	1.08
Revenue	6,579	6,688	6,862	5,284	6,739	5,140
Revenue Growth (YoY)	17.70%	-2.53%	29.86%	-21.59%	31.09%	40.87%
Cost of Services Provided	2,779	2,504	2,284	2,069	2,510	2,080
Other Operating Expenses	1,361	2,464	3,066	2,636	2,394	1,322
Total Operating Expenses	4,142	4,971	5,349	4,702	5,011	3,500
Operating Income	2,437	1,717	1,513	582.22	1,727	1,640
Currency Exchange Gains	0.07	0.25	0.6	2.64	-0.66	-1.59
Other Non-Operating Income (Expenses)	-12.36	-	-	-	-	-
EBT Excluding Unusual Items	2,424	1,717	1,513	584.86	1,727	1,639
Asset Writedown	-0.28	-0.28	-0.63	-0.09	-0.2	0.05
Gain (Loss) on Sale of Investments	0.13	0.13	-1.82	-21.35	137.72	-160.92
Other Unusual Items	47.07	24.73	20.39	22.09	11.59	30.49
Pretax Income	2,472	1,742	1,532	585.62	1,876	1,508
Income Tax Expense	526.32	314.17	333.9	125.29	450.53	375.95
Earnings From Continuing Ops.	1,946	1,428	1,198	460.33	1,425	1,132
Minority Interest in Earnings	-27.66	-24.83	-32.13	-29.8	-15.35	-15.26
Net Income	1,918	1,403	1,166	430.53	1,410	1,117
Net Income to Common	1,918	1,403	1,166	430.53	1,410	1,117
Net Income Growth	88.35%	20.38%	170.76%	-69.47%	26.23%	83.07%
Shares Outstanding (Basic)	4,463	4,469	4,470	4,471	4,469	3,502
Shares Outstanding (Diluted)	4,463	4,469	4,470	4,471	4,469	3,502
Shares Change (YoY)	-0.15%	-0.02%	-0.02%	0.04%	27.63%	-0.01%
EPS (Basic)	0.43	0.31	0.26	0.10	0.32	0.32
EPS (Diluted)	0.43	0.31	0.26	0.10	0.32	0.32
EPS Growth	88.64%	20.40%	170.82%	-69.48%	-1.10%	83.12%
Free Cash Flow	7,243	11,897	19.51	-4,944	-13,917	-1,248
Free Cash Flow Per Share	1.62	2.66	0.00	-1.11	-3.11	-0.36
Dividend Per Share	0.100	0.100	0.090	0.049	0.107	0.076
Dividend Growth	-16.67%	11.11%	83.67%	-54.21%	40.79%	20.64%
Operating Margin	37.04%	25.67%	22.05%	11.02%	25.63%	31.91%
Profit Margin	29.15%	20.98%	16.99%	8.15%	20.92%	21.73%
Free Cash Flow Margin	110.10%	177.88%	0.28%	-93.56%	-206.52%	-24.27%
Effective Tax Rate	21.29%	18.03%	21.80%	21.39%	24.02%	24.93%
Revenue as Reported	6,616	6,712	6,894	5,308	6,751	5,184

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.